CMG Mortgage Insurance Co. said that a recent action by Arizona's Department of Insurance placing PMI Mortgage Insurance Co. under supervision will not impact the firm's new business originations or servicing of existing policies.
The PMI Group Inc. said under the order, PMI Mortgage Insurance and PMI Insurance Co. were required to cease issuing new mortgage insurance commitments effective as of close of business Aug. 19 unless otherwise approved by the director of the Arizona Department of Insurance or the supervisor.
CMG Mortgage Insurance operates as a corporate joint venture between CUNA Mutual Insurance Society and PMI Mortgage Insurance Co. CMG Mortgage Insurance said there will be no interruption in daily operations and it will continue to write business in all 50 states.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
